iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
19,220 Blog Posts

Cryptos Bogged Out — Sucked Into Blackhole

Yesterday I penned an obnoxious post about Bitcoin bottoming out, relegating people who didn’t agree to having empty heads without brains. Today I am singing a much different tune — especially since I bought RIOT and GROW towards the end of the yesterday’s session and have owned OSTK for more than a week.

Bitcoin is lower by 5% and many of the prominent cryptos are off by more than 10%, so far.

I’ve done some technical analysis on this move. Enjoy it with my compliments.

It’s important that you understand how ridiculous the crypto space is and how it continues to crush the souls of those who believe in it.

Early going, futures are higher — but oil is lower by more than 1%, which means I’ll lose some money in my fucking oil stocks too.

DEVELOPING…

If you enjoy the content at iBankCoin, please follow us on Twitter

19 comments

  1. rigged game

    Watching Trump Asskisser Mike Pence being interviewed
    by “New Black Toupee” Joe Kernan makes me wanna puke.

    Pence can’t get his tongue far enough up Trump’s ass.

    Trump revels in that stuff. And saves money on toilet paper.

    • 2
    • 1
    • 0 Deem this to be "Fake News"
  2. heckler2

    The few dozens or so people who still occasionally glance your blog know very well you’re just some middle-aged man who is trying hard to sell “Exodus” memberships to feed your family.

    The mea culpa is redundant and unnecessary.

    • 0
    • 4
    • 0 Deem this to be "Fake News"
  3. ferd

    Will something disruptive come out of Wikileaks now that Assange has been taken? ..or have the PTB taken preemptive measures?

    • 1
    • 0
    • 0 Deem this to be "Fake News"
    • edge

      Barr will do his best to suppress any info that could come from a deal with Assange.

      • 0
      • 0
      • 0 Deem this to be "Fake News"
      • ferd

        I would not assume that any revelations from Assange’s organization would come through such channels.

        • 0
        • 0
        • 0 Deem this to be "Fake News"
        • edge

          Plea deal? Assange will fold like a wet dishrag.

          • 0
          • 0
          • 0 Deem this to be "Fake News"
          • ferd

            Maybe they will cut a deal. Maybe they already have. Assange wants freedom. And our deepstaters don’t want to go through the discovery phase of a trial. In any case, after all these years, “wet dishrag” is not a term I’d use for the guy.

            But does it really matter what is leaked? MSM controls the minds of most; and in the important narratives which are fed to Foxtard and NBCtard alike, the truth does not much matter.

            • 1
            • 0
            • 0 Deem this to be "Fake News"
    • JakeGint

      Only the idiot Trump delusion sufferers don’t recognize what is going to happen. Trump is in the process of destroying the Loopy Left’s last delusion (or lie, depending on whether you’re talking about their Leadership or their sheep)– specifically that “muh Rusher” never “hacked the DNC” AT ALL. It was an inside job pulled by some butt hurt Bernie supporter. Save this message. ?

      ____

      • 0
      • 0
      • 0 Deem this to be "Fake News"
  4. heckler

    This Assange shit is crazy. I don’t think he folds that dude is cold as ice

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  5. ferd

    MJ continuing to suffer from from the schizophrenic press. May be setting up short again.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  6. ferd

    Sold OAS. Long DRIP at 9.01

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  7. snoozemr

    weed stocks getting hammered. anyone know what’s up with that?

    • 0
    • 0
    • 0 Deem this to be "Fake News"
    • ferd

      NYTs and other outlets have been talking about an association between pot use and psychotic disorders since January …and these stories seem to have legs ..and may affect the politics of legalization.

      • 0
      • 0
      • 0 Deem this to be "Fake News"
  8. numbersgame

    Bookmark this:
    Before you invest (as opposed to trend-following speculation) in currencies (crypto or otherwise), you have to understand the basics: currencies are used to (1) store value and (2) lubricate commerce by reducing transaction costs. Anything that doesn’t accomplish both of these will at best remain a speculative commodity such as gold, and at worst toilet paper (wait, defunct cryptos will be less valuable than a single toilet paper square).

    Crypto-currencies won’t be able to hold value until they are used more commonly in transactions, so let’s look at that first.

    For a transaction to be trusted, there are only three basic arrangements that I am aware of.
    1) Use a trusted third party. Visa, MC, and banks are also trusted third parties. Federal goverenments are trusted third parties as well (hyperinflation arises whent his trust erodes). This model has potential for crypto-currencies, but does not have the de-centralization that is a driving force behind cryptos.
    2) Use complex algorithms to validate transactions. The complexity must be high enough to dissuade fraud. This is the BitCoin model. Unfortunately, the complexity must keep pace with computing power, so long-term price stability (of BitCoins) is an impossibility and transaction cost (in terms of the currency price paid to validaters/miners) is guranteed to constantly increase. This is why this model (and all crypto-currencies using it) are destined for long-term failure.
    3) Use crowd-sourcing and multiple validaters. This is what enabled eBay’s success: sellers and buyers become trusted only after multiple transactions and ratings. In fact, similar crowd-rating models enable peopel to find dates and even jobs (linked-in). In terms of cryptocurrencies, IOTA uses this model anytime you inititate a transaction, you must first validate other transactions in the “tangle”.

    Note: I do not hold any cryptocurrencies at the moment.

    • 1
    • 0
    • 0 Deem this to be "Fake News"

Leave a Reply